I hate doing financial modelling and found a pretty good/detailed fillable sheet here: https://www.eloquens.com/tool/zQBT7a/finance/real-...It's not the prettiest, but it shines a light on what your ROI and IRR look like.

I am trying to get my first deal and wondering if anyone can shed some light on how it works when they owe on the house still.

What I've been considering is installing a few "smart outlets" (outlets with usb plugs as well), a dishwasher, a garbage disposal in the kitchen sink, new LED light bulbs throughout, and some light caulk work. 

I'll follow tour advice and keep it moving; but give her a light touch here and there until she's ready to fully commit to a win-win deal.

It's location can be important, near a highway is the best.The physical appearance of the common areas is important and have the property lighting for its residents. 

I like the idea since it takes wear and tear off of the window and allows more light into the unit.

If those three make sense, then you have a green light on a deal level.Whether you end up taking this deal or not, that first foray into multi is exciting!  

There's definitely light at the end of the tunnel. 

If it's electric, you need a public meter as well if the building has any common electric outlets, lights, etc.Also, you might only have 3 parking spots or less in the eyes of a zoning board -- vehicles need maneuvering room and can't be tandem.2.

Also, renters insurance is separate you still need insurance on the property... probably somewhere like 80 bucks mo.You really should break this out more, you're really light on the analysis.